Incoming Law Firm Leaders Are Not Prepared for Industry’s Transformative Period
March 31, 2025
Incoming law firm leaders are not prepared — and the stakes have never been higher. As we enter one of the most transformative periods in the legal industry, marked by an uptick in the influence and power of talent, expanding adoption of AI, major political upheaval and the much-anticipated official entrance of a Big 4 accounting firm into the legal space, the importance and impact of strategic decision-making in the upper echelon of firms has never been greater.
Strategies for Promoting Lateral Hires
March 31, 2025
Firms believe they only get one chance to call attention to lateral partner hires. How the initial splash is handled with clients, as well as internal and external communications, is certainly extremely important. However, maximizing lateral hire announcements should really be viewed as a critical kick-off to the overall timeline and success of lateral integration over the first year and beyond.
CRM As a Growth Strategy: Turning Data and AI Into Business Development Success
March 01, 2025
For years, customer relationship management (CRM) in law firms has often been viewed as a glorified Rolodex — a necessary but often underutilized system primarily seen as a data repository. However, as firms seek to drive business development, client engagement and revenue growth, CRM needs to evolve into a strategic growth platform.
AI for Legal Professionals
March 01, 2025
Mastering AI tools is vital for law firms striving to remain competitive. The increasing demand for prompt and effective services means firms that do not adapt may fall behind.
Treasury Dept. Issues Final Regulations on Related-Party Partnership Basis Shifting
March 01, 2025
On Jan. 14, 2025, the Treasury Department issued final regulations designating certain related-party partnership basis shifting transactions as “transactions of interest.” Although this designation does not affect the substantive tax characterization of these transactions, it imposes significant reporting requirements on taxpayers and their advisors.
How Small Firms Can Use Digital Marketing to Level the Playing Field
March 01, 2025
Small law firms can often feel outgunned when competing against the massive marketing budgets of larger firms. Luckily, the digital landscape has helped to level the playing field. While bigger firms pour money into traditional advertising, smaller practices can build their brand and attract clients through savvy use of social media and content marketing, without breaking the bank.
Is the Ballooning Billing Rate Ready to Pop?
March 01, 2025
Short of a seismic financial shock, hefty law firm billing rate increases are seemingly here to stay, much to the chagrin of clients and their general counsel. But that’s not to say that market conditions aren’t evolving to challenge the status quo of large rate increases — and in the words of one consultant advising corporate law departments, you don’t know you’re in a bubble until it pops.
